Amendment to Retired Persons Act bars qualified retired persons from investment while retired

Aaron Humes: The National Assembly has passed an amendment to the Retired Persons Act effectively barring what are known as Qualified Retired Persons (QRP) from making investments in Belize in defiance of their retirement status.

Senator for the Business Community Mark Lizarraga told us that the debate continues over whether to disallow QRP’s from investing in the place where they choose to live out the rest of their lives.

  “We’re saying to these people: if you can bring in $2,000 US dollars per month, into our country and show us that you bring in, in the course of a year 24 thousand dollars, you have some benefits,” said Lizarraga, naming among other things duty relief on their household effects, a car, boat or plane. 

The program is established elsewhere, but Belize has found it necessary to limit investment to only their residential home and residential land.

 Some say, according to Lizarraga, that it is preferable to have as much foreign direct investment as possible and so it may be better to put these persons in a different tax bracket and to take advantage of increased investments in our country.

 

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